IPBC has been actively involved in the Kumul Consolidation Agenda, providing input in key areas of the Consolidation Agenda. This includes: the development of the legislative framework for the Kumul Holdings structure, guidelines for Kumul Consolidated Holdings Ltd, Board composition and the selection of Directors of the Holding companies and Trust Manager, degrees of authority for Kumul Consolidation Holdings Ltd, governance structures; as well as other related matters (such as: negative pledge, consolidation of assets and liabilities, dividend and CSO policies).
Kumul Consolidation Holdings Ltd. was expected to come into operation during the first Quarter of 2014, after the IPIC Exchangeable Bond obligations are completed. But it has been delayed to 2015.
IPBC’s Key Deliverable:
Smooth transfer from IPBC to KUMUL HOLDINGS
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